According to Moody Insurance Worldwide, a loss run report is a detailed history of claims made on each insurance policy. New insurance buyers must submit a run loss report to their prospective insurance company even if they have no prior claims. These reports are free and made readily available by all insurance companies.Know More
According to Zeiler Insurance, a standard run loss report includes the name of the insured person, the policy number, each claim date, the amount of money paid by the previous insurance company and a brief description of the claim. Most loss runs list claims from the past five years of coverage or, if the insurance policy is younger than five years, the losses collected over the entire period of coverage.
The amount and nature of claims listed on a loss run report greatly affects the outcome of an application for insurance coverage through a new company as well as the policy premium. Moody Insurance Worldwide describes run loss reports as necessary information for insurance companies to have when it comes to insuring a new customer. Without a loss run report, insurance companies are unable to rule out the possibility of a high-risk applicant with a history of frivolous claims.Learn more about Accounting
A periodic report, or a recurring report, is a written document that summarizes the events that have occurred since the last periodic report was written. Periodic reports are written by federal agencies, corporations, non-profits and other institutions. Periodic reports often cover the same basic set of information and rely on numerical data to provide an overview of a specific time period.Full Answer >
An accounts payable aging report is an accounting detail that lists the due dates of payments that a company owes to vendors. It helps a company plan how it will use available cash by revealing which invoices have been outstanding for the longest time.Full Answer >
A qualified audit opinion is a written statement in an auditor's report indicating specific areas of noncompliance in an otherwise acceptable financial statement, explains Marty Schmidt of Solution Matrix Ltd. Among other reasons, qualified audit opinions may be the result of misplaced accounting entries that lead to erroneous results.Full Answer >
Financial reporting is a written report for the company's managers and investors and government agencies that divulges the financial condition of the company, states TechTarget. It usually includes statements about income, cash flow, shareholders' equity and balance sheets.Full Answer >